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Modine Names Gina Bonini as General Manager, Electric Vehicles
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Modine Names Adrian I Peace as Vice President, Commercial and Industrial Solutions
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Modine Completes the Sale of its Austrian Automotive Business
Sale marks key step in the exit of the automotive business
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RACINE, Wis., May 3, 2021 /PRNewswire/ Modine Manufacturing Company (NYSE: MOD or the Company ), a diversified global leader in thermal management technology and solutions, today announced that it has completed the sale of its Austrian air-cooled automotive business to Schmid Metall GmbH, an affiliate of Rupert Fertinger GmbH. The exit of the automotive business is an important and necessary component of our transformation, and completing this transaction is a good first step to this process, said Modine Chief Executive Officer, Neil D. Brinker. This sale allows us to avoid the costs associated with continuing to run this business along with future liabilities and capital investments. This allows us to better align our resources around our best opportunities in our strongest and most attractive m
Modine Announces Sale of Austrian Automotive Business
Sale marks key step in the exit of the automotive business
News provided by
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RACINE, Wis., Feb. 19, 2021 /PRNewswire/ Modine Manufacturing Company (NYSE: MOD or the Company ), a diversified global leader in thermal management technology and solutions, today announced that it has signed a definitive agreement with Schmid Metall GmbH, an affiliate of Rupert Fertinger GmbH, to sell a portion of the Company s European air-cooled automotive business, including its manufacturing facility located in Kottingbrunn, Austria.
The transaction is expected to close in the first half of 2021, following the receipt of regulatory approvals and other customary closing conditions. The sale will allow the Company to avoid significant liabilities and future cash investments in the business.